Open interest on CL

Discussion in 'Commodity Futures' started by scriabinop23, May 23, 2008.

  1. Take a look at the CFTC COT for this week.

    Open interest down 375K on the nymex effective the 20th.

    Any expert opinions on this? Simplistic conclusions (which are probably useless for such a complex market) say that this 'bubble' is not one where longs are actually bidding it up (thus it is not a bubble). Are the bulk of the contracts being purchased on markets other than NYMEX making this moot? Any way to prove this?

    I still say bubble...

    Just curious to understand the black box that crude really is...

    (btw, those who are looking at the huge short int on nat gas should look at the european settled options open int on nat gas ... quite an interesting story. shorts are in the outright contract; longs are in the options.)